"A combination of slow global growth, vast worldwide Central Bank easing and the hunt for global yield have kept a lid on the US Treasury rates. Impact to asset prices and portfolio performance is vast and acute," Goldman's Robert Boroujerdi wrote in the note to clients Tuesday.

Boroujerdi cited how value stocks underperformed in the past eight years and their valuation gap versus the general market is the largest in over a decade. Value stocks are 0.85 points less expensive on a price-to-book multiple basis versus the market compared with 0.60 points lower on average historically. Some traditional value sectors like staples, utilities and REITs are now at high valuations as investors chase yield, so he recommends cheap stocks in other industries with growing dividends.